Cincinnati Bell is on track to close the $210 million sale of its wireless business to Verizon early this fall.

Cincinnati Bell is on track to close the $210 million sale of its wireless business to Verizon early this fall, chief executive officer Ted Torbeck told the Enquirer in an exclusive interview on Wednesday as the company prepares to report second quarter results on Thursday.

Cincinnati Bell, which employs about 3,000 people, will update analysts and shareholders on its ongoing transformation into a fiber-based entertainment, communications and IT solutions firm. The company's wireline revenue increased for the first time in more than a decade during the first quarter.

Shares subsequently surged 30 percent following the May report to reach a 17-month high of $4.21 in early July, before pulling back a bit. Shares closed at 3.73 on Tuesday.

Analysts on Thursday will look for updates on Cincinnati Bell's plans to possibly accelerate fiber installation across the city, which forms the backbone of its Fioptics suite of high-speed Internet, voice and entertainment services for businesses and consumers.

As of the first quarter, Cincinnati Bell had about 36 percent of the city covered with fiber, and previously said it will invest $80 million to $85 million in the business this year. Torbeck and chief financial officer Leigh Fox told analysts in June that the company is studying whether it can accelerate that timetable. The goal is to reach 60-70 percent of customers by the end of 2017.

The company has started making its fastest Internet service available to Fioptics customers in June, and will be available to all Fioptics residential customers sometime in the fall. Fioptics gigabit Internet service is anywhere from 10 to 100 times faster than the broadband service Fioptics customers currently receive.

The company will also update analysts on plans to monetize its stake in CyrusOne, the data company Cincinnati Bell spun out in 2013. The company sold 36 percent of its stake during the quarter, generating $356 million to pay down its debt, which stood at $2.25 billion going into the second quarter. The company still owns 44 percent of CyrusOne.

Torbeck said proceeds from the wireless sale will go toward debt reduction. The company has paid off its highest interest-bearing notes, which carried an 8.75 percent interest rate.

"With these two actions, we have really strengthened our balance sheet," Torbeck said. "That has positioned us so that we can invest more money in the strategic products that we want to go forward with."

In addition to Fioptics, Cincinnati Bell is aggressively expanding its business that services IT infrastructures for large and midcap companies.

Cincinnati Bell has 300 employees working at GE Aviation, and also serves companies including Procter & Gamble, Fifth Third Bancorp and Nielsen. In addition to midcap companies, Cincinnati Bell is establishing relationships with private equity firms that have a portfolio of companies.

Cincinnati Bell will continue to provide service to its wireless subscribers, which numbered 320,000 at the end of the first quarter, through Feb. 28, 2015. It will keep operating its eight stores across the region, which offer Fioptics products, after the deal closes.

Wireless customers can switch carriers now without any termination fees, but they don't need to take action until February. After the deal closes, Cincinnati Bell will provide customers with additional information.

"Cincinnati Bell will be able to assist customers with a smooth transition of their service to another wireless provider," said Jane Weiler, the company's director of marketing communications.

8 Cincinnati Bell stores will stay open

Cincinnati Bell will keep its eight stores in the region open after the sale of its wireless business to Verizon closes, which is expected this fall.

The stores are an important platform for the company to sell its Fioptics suite of high-speed Internet, voice and entertainment services for businesses and consumers.

In the meantime, wireless customers can continue to use Cincinnati Bell's service until Feb. 28. 2015. Customers also have the option to switch their wireless service to another carrier without termination fees.

Jane Weiler, Cincinnati Bell's director of marketing communications, said that the best time to switch service is during the holidays, when carriers have traditionally offered aggressive discounts for phones.

Cincinnati Bell announced early last year that its wireless segment, which has seen declining revenues in the face of stiff national competition, was under review. It announced the deal with Verizon in April.